Westport, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Westport, Nova Scotia is currently experiencing steady growth. With a median house price of $500,000 and an annual appreciation rate of 3.5%, the market shows healthy demand for single-family homes. Similarly, the apartment sector, with a median price at $300,000 and growing at a rate of 2.1% year-over-year, indicates a stable investment environment for multi-family dwellings.
Contributing to these conditions is Westport’s population, which now stands at 15,000 residents. The robust population growth of 7.1% suggests a burgeoning community that could further fuel housing demand. This demographic trend is a significant driver of real estate activity in the area as more people seek residential property for personal use or investment purposes.
Investment Opportunities and Potential
Investment opportunities in Westport are promising due to the consistent upward trajectory in housing prices and the strong population growth. The increase in median house prices reflects a market with potential for capital gains over time, particularly for long-term investors looking at single-family homes as an asset class.
Apartments present an attractive entry point for investors due to their lower median price compared to houses. With an upward trend of 2.1% year-over-year in apartment prices, this segment offers potential for rental income and appreciation. Investors can also consider leveraging the town’s increasing population by targeting rental properties to cater to new residents who may not be ready to purchase homes immediately.
Future Market Outlook
Looking ahead, the future market outlook for Westport is optimistic. The continuous population growth will likely perpetuate demand for housing across all sectors. Assuming that economic conditions remain stable and supportive of real estate investment, both the house and apartment markets should maintain their positive momentum.
However, investors and homebuyers should monitor local economic developments and any changes in migration patterns that may affect housing demand. For instance, factors such as employment rates or major infrastructural projects could either bolster or dampen market optimism.
In conclusion, careful analysis of ongoing trends and vigilance in observing economic indicators are recommended for anyone looking to engage with the Westport real estate market. Given its current performance and prospects, Westport represents a noteworthy opportunity within Nova Scotia’s diverse property landscape.
